Treasury Action: yields inched higher Treasury Action: yields inched higher in the wake of the minor uptick in jobless claims and widening in the currrent accout deficit, but still inside yesterday's wild FOMC range. The T-note yield is consolidating near 1.95%, having bounced from Wednesday lows of 1.90% overnight, compared to 2.048% in advance of the Fed decision. Yesterday's low marked the lowest level since February 9, as Yellen successfully defused another potential taper tantrum after shedding "patient." The 2s-10s spread has stabilized near +135 bp, having steepened yesterday with the surge higher in front-end yields.

U.S. initial jobless claims rose 1k to 291k in the week ended March 14 U.S. initial jobless claims rose 1k to 291k in the week ended March 14, after a revised 35k drop to 290k in the first week of March (was 289k). That brought the 4-week moving average up to 304.75k from 302.5k (revised from 302.25k). Continuing claims fell 11k to 2,417k in the March 7 week, from 2,428k previously (revised from 2,418k). The BLS said there was nothing unusual in the data.

Energy Action: NYMEX crude retained a good chunk Energy Action: NYMEX crude retained a good chunk of its dollar sell-off driven gains on Wednesday, trading at $45.40/bbl in early N.Y., down from yesterday's $46.69 high, though well above the $42.50 level just ahead of the FOMC announcement. While the greenback remains off its best recent levels, oil prices may not have much more upside room, as crude supply remains abundant. The EIA on Wednesday reported a nearly 3 M bbl increase in storage at the Cushing, OK hub, which took stocks there to 54.4 M bbls, an all-time record high. Price support is seen at $44.30 now. RBOB gasoline trades at $1.7775/gallon, down from Wednesday's $1.82 peak, though well above the pre-Fed levels of $1.71. Natural gas futures are down slightly on the session, trading at $2.88/M BTU.

N.Y. FX Outlook N.Y. FX Outlook: The post-Fed dollar sell-off was brief indeed, with EUR-USD back on the 1.06 handle, after soaring over 1.1040 in late N.Y. trade on Wednesday. The story is similar for the other major dollar pairings, as USD-JPY trades over 120.50, and USD-CAD up over 150 points from its 1.2500 low. With regards to EUR-USD, the very crowded short trade was thinned out to a degree, though with ECB QE just getting ramped up, and economic sluggishness, and the Greece situation still to be resolved, the euro may now have an easier path toward parity in the coming weeks. Wednesday's short squeeze was long overdue. On the calendar, Q4 current account and weekly jobless claims data are due at 8:30 EDT, followed by the March Philly Fed index, and February leading indicators, both at 10:00 EDT.

07:31 EDT

Futures quiet following yesterday’s big advanceStock futures are trading near fair value following yesterday’s big advance. Yesterday’s move put the Dow back above 18,000, and for a short time the Nasdaq rose above 5,000 and the S&P traded above 2100. The Dow swung more than 300 points after the Fed dropped the word “patient” from its statement. Today investors will be examining jobless claims data, the Philadelphia Fed manufacturing report, and the natural gas inventory report.